Contents
3 What’s the risk that companies use cash to shore up their pension funds?
4 The implications of the financial crisis for pensions
7 Different pension scheme concepts explained
9 Discounting future liabilities
10 Pension discount rate components
11 Plan assets – companies with high exposure to equities
14 Change in discounting rate: companies at risk
15 Financial market declines: companies at risk
17 Companies with large pension deficit vs market cap
18 Companies with large pension deficit vs Enterprise Value
19 Sensitivity of pension deficit to market variables
23 Pension Deficits/Ageing Workforce
23 From baby boom to ageing workforce
25 Sectors with ageing workforces
29 Company Profiles
30 Akzo Nobel Nv
31 Alcatel-Lucent
32 BAE Systems
33 Bayer Ag
34 British Airways
35 BT Group
36 Daimler
37 Deutsche Lufthansa
38 Deutsche Post AG
39 GKN
40 Invensys
41 Meggitt
42 Michelin
43 Peugeot Citroen PSA
44 ThyssenKrupp
45 Valeo
46 Appendices – Definitions